National Bank of Greece Completes Etalia B Transaction in Continued Balance Sheet Clean-Up

National Bank of Greece has announced the successful completion of the Etalia B transaction, involving the sale of non-performing exposures. The deal concerns a portfolio of non-performing loans with €0.1 billion in outstanding principal, representing a further step in the bank’s ongoing efforts to streamline its balance sheet. The portfolio was transferred to Creditable Opportunities Fund SCA SICAV-RAIF, an acquisition vehicle affiliated with the EOS Group, while management of the portfolio has been assigned to EOS Matrix Greece, which will oversee its administration going forward.

The bank stated that the transaction “strengthens its overall capital position, supporting its financial resilience.” The deal was facilitated by Morgan Stanley & Co. International plc, which acted as financial adviser and arranger, while legal advisory services were provided by Karatzas & Partners on Greek law matters and Clifford Chance LLP on English law.

This announcement follows the completion of the Etalia A transaction earlier in the week, which also involved a €0.1 billion non-performing exposure portfolio. That portfolio was sold to an entity managed by Bain Capital, acquired through a special purpose vehicle named Leon Issuer DAC. The bank noted that the Etalia A transaction “also contributed to strengthening its total capital, reinforcing its strategic objectives,” with management assigned to doValue Greece. Morgan Stanley & Co. International plc again played a central role as financial adviser and arranger, with Karatzas & Partners and Clifford Chance LLP providing legal support on Greek and English law, respectively.

Both the Etalia A and B transactions follow a prior market update issued on September 30, 2025, which outlined the planned sale of the portfolios. The bank emphasized that these deals “reflect the bank’s ongoing strategy to reduce non-performing exposures and strengthen capital buffers,” underscoring its commitment to improving balance sheet quality and enhancing financial resilience.

By fLEXI tEAM